2006 (8) TMI 520

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.... the case, is not the decision of the Tribunal perverse in deciding the case against the Revenue ignoring the fact that the assessee had adopted the colourable device evidenced by his conduct of incurring heavy losses from year to year in share transaction to avoid the payment of due tax ?" None appears for the respondent though the notice has been duly served as per office record. This appe....

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....loss from total income. The claim was repudiated by the Assessing Officer. On appeal, the Commissioner of Income-tax (Appeals) came to the conclusion that the assessee suffered loss on account of share transactions and, therefore, was entitled to the deductions. The Revenue went on appeal and the learned Tribunal also concurred with the decision of the Commissioner of Income-tax. Being aggrieved b....